Top of the Street: Eni, Sartorius Stedim Biotech, Sartorius
A round-up of notable broker activity this morning from Europe's top-ranked* analysts:
** HSBC upgrades Eni ENI.MI to "buy" from "hold" as the Italian energy group ismaking afaster-than-expected progress on its divestment program, which, in the broker's view,should lead to lower balance sheet gearing, and open more room for buybacks
INITIATIONS AND REINSTATEMENTS
** Bernstein starts Sartorius SATG.DE with "underperform," seeinga further cut to 2028 guidance aslikely asthe German pharmaceutical equipment supplier "is at a critical juncture in its equity story", in need to rapidly re-accelerate revenue growth, with the Lab Products & Services (LPS) unit still "a margin destroyer"
** Bernstein alsoinitiates coverage of Sartorius' French unitSartorius Stedim Biotech STDM.PA with an"underperform" rating, saying the company's second quarter results "confirmed its weak position" versus peers, and seeing its 35% core EBITDA margin for 2028 as "overly optimistic"
(*Analyst rankings from Thomson Reuters StarMine. The scale is from 1-star to 5-star with 5 being the best. Analysts are ranked on earnings accuracy as well as relative performance of recommendations over trailing 12-month & 24-month periods.)
Reporting by Marta Frąckowiak and Elviira Luoma
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